(CBN - Global) May 6 -- China's Vice Finance Minister Zhu Guangyao has been appointed to the Communist Party's top economic affairs steering group in a move widely seen as further strengthening the influence of the country's top leaders in laying out fiscal policy.
Mr. Zhu, 63, was made a deputy director at the secretariat of the Central Leading Group on Financial and Economic Affairs. The group, whose chairman is President Xi Jinping and deputy head is Premier Li Keqiang, is regarded as the real decision-making body on fiscal policy in the country, not the Ministry of Finance.
In his most recent speech at the International Monetary Fund's Spring Meetings, held in Washington in mid April, Mr. Zhu said that the international rating agencies were "absolutely wrong" to downgrade their outlooks on China's sovereign debt.
Mr. Liu He heads the secretariat of the Central Leading Group on Financial and Economic Policies. When President Xi introduced Mr. Liu to US National Security Adviser Tom Donilon during a visit to the US in May 2013, he said: "This is Liu He. He is very important to me." There is a consensus among China's media that Mr. Liu is helping the country's top leadership formulate economic policy.